Alkermes Plc Reports Financial Results for the Fourth Quarter and Year Ended Dec. 31, 2019 and Provides Financial Expectations for 2020

DUBLIN, Feb. 13, 2020 /PRNewswire/ -- Alkermes plc (Nasdaq: ALKS) today reported financial results for the quarter and year ended Dec. 31, 2019 and provided financial expectations for 2020.

"2019 was an important year for Alkermes as we took active steps to shape the future of our business and continued to make a real-world impact in the treatment of serious diseases. We made significant progress on three fronts: driving growth in our proprietary product portfolio, advancing and expanding our diversified neuroscience and oncology pipeline, and positioning the business for long-term growth and future profitability," said Richard Pops, Chief Executive Officer of Alkermes. "Looking ahead, our priorities for 2020 are clear as we focus on commercial execution for VIVITROL(®) and ARISTADA(®), prepare for potential approval and launch of ALKS 3831, advance the development of ALKS 4230, and continue to develop our pipeline of preclinical assets. We remain steadfast in our commitment to be a positive force for change through our science, our medicines, and our advocacy, as we advance patient-centered care."

Quarter Ended Dec. 31, 2019 Financial Highlights

    --  Total revenues for the quarter were $412.7 million. This compared to
        $315.8 million for the same period in the prior year.
    --  Net loss according to generally accepted accounting principles in the
        U.S. (GAAP) was $5.4 million for the quarter, or a basic and diluted
        GAAP loss per share of $0.03. This compared to GAAP net loss of $9.7
        million, or a basic and diluted GAAP loss per share of $0.06, for the
        same period in the prior year.
    --  Non-GAAP net income was $131.4 million for the quarter, or a non-GAAP
        basic and diluted earnings per share of $0.83. This compared to non-GAAP
        net income of $54.8 million, or a non-GAAP basic earnings per share of
        $0.35 and non-GAAP diluted earnings per share of $0.34, for the same
        period in the prior year.
    --  In October 2019, Alkermes implemented a strategic restructuring plan,
        which included the elimination of approximately 160 current positions
        across the organization, a decrease in the company's expected near-term
        hiring plans and the implementation of cost-saving measures related to
        external spend. These efforts are expected to result in cost savings of
        approximately $150 million in 2020.
    --  In November 2019, Alkermes completed the acquisition of Rodin
        Therapeutics, Inc. (Rodin), a privately held biopharmaceutical company
        focused on developing novel, small molecule therapeutics for
        synaptopathies. At the closing of the transaction, Alkermes made a cash
        payment of $98.1 million to Rodin's former security holders. This
        upfront cash payment was funded by Alkermes' available cash and was
        accounted for as an asset acquisition, with $86.6 million of this
        upfront payment recorded as research and development (R&D) expense in
        the quarter.

Quarter Ended Dec. 31, 2019 Financial Results

Revenues

    --  Net sales of proprietary products were $149.6 million, compared to
        $132.7 million for the same period in the prior year.
        --  Net sales of VIVITROL were $92.8 million, compared to $83.8 million
            for the same period in the prior year, representing an increase of
            approximately 11%.
        --  Net sales of ARISTADA(i) were $56.8 million, compared to $48.8
            million for the same period in the prior year, representing an
            increase of approximately 16%.
    --  Manufacturing and royalty revenues were $107.3 million, compared to
        $167.4 million for the same period in the prior year.
        --  Manufacturing and royalty revenues from RISPERDAL CONSTA(®), INVEGA
            SUSTENNA(®)/XEPLION(®) and INVEGA TRINZA(®)/TREVICTA(®) were
            $79.1 million, compared to $81.4 million for the same period in the
            prior year.
        --  Manufacturing and royalty revenues from AMPYRA/FAMPYRA(®ii) were
            $7.5 million, compared to $38.8 million for the same period in the
            prior year, due to generic competition to AMPYRA entering the U.S.
            market in 2018.
        --  Manufacturing and royalty revenues in the fourth quarter of 2018
            included $26.7 million related to Alkermes' share of proceeds from
            the sale of certain royalty streams by Zealand Pharma A/S related to
            products using Alkermes technology.
    --  Total revenues also included a $150.0 million milestone payment from
        Biogen related to the U.S. Food and Drug Administration (FDA) approval
        of VUMERITY, of which $144.8 million was recorded as license revenue and
        $5.2 million was recorded as R&D revenue.
    --  R&D revenues were $11.1 million, primarily related to R&D reimbursement
        from the company's collaboration with Biogen for VUMERITY and a portion
        of the milestone payment noted above.

Costs and Expenses

    --  Total operating expenses were $422.7 million, compared to $315.7 million
        for the same period in the prior year.
        --  R&D expenses were $198.2 million, which included $86.6 million
            related to the acquisition of Rodin during the fourth quarter.
            Excluding this R&D charge related to Rodin, R&D expenses were $111.6
            million compared to $109.0 million for the same period in the prior
            year.
        --  Selling, General and Administrative (SG&A) expenses were $154.5
            million, compared to $141.2 million for the same period in the prior
            year, primarily reflecting increased investment in the
            commercialization of ARISTADA and VIVITROL.
        --  As a result of the restructuring implemented in October 2019, the
            company recorded a restructuring expense charge of $13.4 million in
            the fourth quarter of 2019, consisting of one-time termination
            benefits for employee severance, benefits and related costs.

"Our 2019 results reflect volume growth of VIVITROL and ARISTADA, continued strength of our royalty and manufacturing portfolio and investment in the commercialization of our products and our research and development pipeline," commented James Frates, Chief Financial Officer of Alkermes. "We enter 2020 well positioned to drive growth of our proprietary product portfolio and advance our pipeline of novel oncology and neuroscience candidates. Our financial expectations for 2020 reflect anticipated net sales growth of our proprietary products and operating expenses in line with the predicted impact of the strategic restructuring that we implemented in the fourth quarter of 2019, reflecting our commitment to non-GAAP profitability while investing in the long-term growth of the company."

Calendar Year 2019 Financial Highlights

    --  Total revenues increased 7% to $1.17 billion in 2019, which included
        VIVITROL net sales of $335.4 million, ARISTADA net sales of $189.1
        million, and the $150.0 million milestone payment from Biogen related to
        the approval of VUMERITY. This compared to total revenues of $1.09
        billion in 2018, which included VIVITROL net sales of $302.6 million,
        ARISTADA net sales of $147.7 million and license revenues of $48.4
        million from Biogen. Please see the tables at the end of this press
        release for a detailed breakdown of the revenues from our key commercial
        products.
    --  GAAP net loss was $196.6 million, or a basic and diluted GAAP loss per
        share of $1.25, for 2019. This compared to a GAAP net loss of $139.3
        million, or a basic and diluted GAAP loss per share of $0.90, for 2018.
    --  Non-GAAP net income was $112.2 million, or a non-GAAP basic and diluted
        earnings per share of $0.71, for 2019, and excludes the impact of the
        acquisition of Rodin and the restructuring. This compared to non-GAAP
        net income of $97.8 million, or a non-GAAP basic earnings per share of
        $0.63 and non-GAAP diluted earnings per share of $0.61, for 2018.
    --  At Dec. 31, 2019, Alkermes recorded cash, cash equivalents and total
        investments of $614.4 million, compared to $620.0 million at Dec. 31,
        2018. At Dec. 31, 2019, the company's total debt outstanding was $277.1
        million, compared to $279.3 million at Dec. 31, 2018.

Recent Events:

    --  ALKS 3831
        --  In January 2020, the FDA accepted for review the company's New Drug
            Application (NDA) seeking approval of ALKS 3831
            (olanzapine/samidorphan) for the treatment of schizophrenia and for
            the treatment of bipolar I disorder, and assigned the NDA a
            Prescription Drug User Fee Act (PDUFA) target action date of Nov.
            15, 2020.
    --  VUMERITY
        --  In October 2019, the FDA approved VUMERITY, a novel oral fumarate
            with a distinct chemical structure, for the treatment of relapsing
            forms of multiple sclerosis in adults, including clinically isolated
            syndrome, relapsing-remitting disease and active secondary
            progressive disease. Biogen holds the exclusive worldwide license to
            commercialize VUMERITY. In November 2019, Alkermes received a $150
            million milestone payment from Biogen related to the approval of
            VUMERITY.
    --  ALKS 4230
        --  In November 2019, Alkermes presented preliminary clinical data from
            the ARTISTRY-1 phase 1/2 study investigating intravenous
            administration of ALKS 4230 as monotherapy and in combination with
            pembrolizumab in adults with advanced solid tumors, and study design
            details and preliminary safety data from the ARTISTRY-2 phase 1/2
            study evaluating subcutaneous administration of ALKS 4230 as
            monotherapy and in combination with pembrolizumab at the 2019
            Society for Immunotherapy of Cancer (SITC) Annual Meeting.
    --  HDAC-Inhibitor Platform
        --  In November 2019, Alkermes announced the acquisition of Rodin, a
            privately held biopharmaceutical company focused on developing
            novel, small molecule therapeutics for synaptopathies, which
            expanded Alkermes' neuroscience development efforts into a wide
            range of neurodegenerative disorders.

Financial Expectations for 2020

The following outlines the company's financial expectations for 2020, which reflect the expected impact of the strategic restructuring implemented in 2019. All line items are according to GAAP, except as otherwise noted.

    --  Revenues: The company expects total revenues to range from $1.03 billion
        to $1.08 billion. Excluding license and R&D revenues from Biogen of
        approximately $195 million related to the development and approval of
        VUMERITY recorded in 2019, this represents revenue growth of
        approximately 8%. Included in this total revenue expectation, Alkermes
        expects VIVITROL net sales to range from $340 million to $355 million,
        and ARISTADA net sales to range from $220 million to $235 million.
    --  Cost of Goods Manufactured and Sold: The company expects cost of goods
        manufactured and sold to range from $185 million to $195 million.
    --  Research and Development (R&D) Expenses: The company expects R&D
        expenses to range from $405 million to $430 million.
    --  Selling, General and Administrative (SG&A) Expenses: The company expects
        SG&A expenses to range from $535 million to $560 million.
    --  Amortization of Intangible Assets: The company expects amortization of
        intangibles to be approximately $40 million.
    --  Net Interest Expense: The company expects interest expense and interest
        income to offset one another.
    --  Income Tax Expense: The company expects income tax expense of up to $10
        million.
    --  GAAP Net Loss: The company expects GAAP net loss to range from $130
        million to $160 million, or a basic and diluted loss per share of $0.82
        to $1.01, based on a weighted average share count of approximately 159
        million shares outstanding.
    --  Non-GAAP Net Income: The company expects non-GAAP net income to range
        from $40 million to $70 million, or a non-GAAP basic earnings per share
        of $0.25 to $0.44, based on a weighted average basic share count of
        approximately 159 million shares outstanding and a non-GAAP diluted
        earnings per share of $0.25 to $0.43, based on a weighted average
        diluted share count of approximately 161 million shares outstanding.
    --  Share-Based Compensation: The company expects share-based compensation
        of approximately $110 million.
    --  Capital Expenditures: The company expects capital expenditures to range
        from $45 million to $55 million.

Conference Call

Alkermes will host a conference call and webcast presentation with accompanying slides at 8:00 a.m. ET (1:00 p.m. GMT) on Thursday, Feb. 13, 2020, to discuss these financial results and provide an update on the company. The webcast may be accessed on the Investors section of Alkermes' website at www.alkermes.com. The conference call may be accessed by dialing +1 877 407 2988 for U.S. callers and +1 201 389 0923 for international callers. In addition, a replay of the conference call will be available from 11:00 a.m. ET (4:00 p.m. GMT) on Thursday, Feb. 13, 2020, through Thursday, Feb. 20, 2020, and may be accessed by visiting Alkermes' website or by dialing +1 877 660 6853 for U.S. callers and +1 201 612 7415 for international callers. The replay conference ID is 13698323.

About Alkermes plc

Alkermes plc is a fully integrated, global biopharmaceutical company developing innovative medicines in the fields of neuroscience and oncology. The company has a portfolio of proprietary commercial products focused on addiction and schizophrenia, and a pipeline of product candidates in development for schizophrenia, bipolar I disorder, neurodegenerative disorders and cancer. Headquartered in Dublin, Ireland, Alkermes plc has an R&D center in Waltham, Massachusetts; a research and manufacturing facility in Athlone, Ireland; and a manufacturing facility in Wilmington, Ohio. For more information, please visit Alkermes' website at www.alkermes.com.

Non-GAAP Financial Measures

This press release includes information about certain financial measures that are not prepared in accordance with GAAP, including non-GAAP net income (loss) and non-GAAP basic and diluted earnings (loss) per share. These non-GAAP measures are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to similar measures presented by other companies.

Non-GAAP net income (loss) adjusts for one-time and non-cash charges by excluding from GAAP results: share-based compensation expense; amortization; depreciation; non-cash net interest expense; certain other one-time or non-cash items; and the income tax effect of these reconciling items.

The company's management and board of directors utilize these non-GAAP financial measures to evaluate the company's performance. The company provides these non-GAAP measures of the company's performance to investors because management believes that these non-GAAP financial measures, when viewed with the company's results under GAAP and the accompanying reconciliations, are useful in identifying underlying trends in ongoing operations. However, non-GAAP net income (loss) and non-GAAP basic and diluted earnings (loss) per share are not measures of financial performance under GAAP and, accordingly, should not be considered as alternatives to GAAP measures as indicators of operating performance. Further, non-GAAP net income (loss) and non-GAAP basic and diluted earnings (loss) per share should not be considered measures of our liquidity.

A reconciliation of GAAP to non-GAAP financial measures has been provided in the tables included in this press release.

Note Regarding Forward-Looking Statements

Certain statements set forth in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, but not limited to, statements concerning: the company's expectations concerning future financial and operating performance, business plans or prospects, including the potential cost savings that may be achieved in connection with the company's implementation of a restructuring, the company's potential to achieve profitability and long-term growth, and expectations concerning continued revenue growth from the company's commercial products and royalty streams; the potential therapeutic and commercial value of the company's marketed and development products; the FDA's target PDUFA action date for, and potential approval of, the NDA for ALKS 3831; expectations concerning future development activities, including the advancement of the ALKS 4230 clinical development program, and expansion of the company's neuroscience and oncology pipeline; and expectations concerning the company's commercial activities, including launch preparations for ALKS 3831. The company cautions that forward-looking statements are inherently uncertain. The forward-looking statements are neither promises nor guarantees and they are necessarily subject to a high degree of uncertainty and risk. Actual performance and results may differ materially from those expressed or implied in the forward-looking statements due to various risks and uncertainties. These risks and uncertainties include, among others: the unfavorable outcome of litigation, including so-called "Paragraph IV" litigation and other patent litigation, related to any of our products or products using our proprietary technologies, which may lead to competition from generic drug manufacturers; data from clinical trials may be interpreted by the FDA in different ways than we interpret it; the FDA may not agree with our regulatory approval strategies or components of our filings for our products, including our clinical trial designs, conduct and methodologies and the adequacy of the data included in our filings to support the FDA's requirements for approval of the proposed indications; clinical development activities may not be completed on time or at all; the results of our clinical development activities may not be positive, or predictive of real-world results or of results in subsequent clinical trials; regulatory submissions may not occur or be submitted in a timely manner; the company and its licensees may not be able to continue to successfully commercialize their products; there may be a reduction in payment rate or reimbursement for the company's products or an increase in the company's financial obligations to governmental payers; the FDA or regulatory authorities outside the U.S. may make adverse decisions regarding the company's products; the company's products may prove difficult to manufacture, be precluded from commercialization by the proprietary rights of third parties, or have unintended side effects, adverse reactions or incidents of misuse; and those risks and uncertainties described under the heading "Risk Factors" in the company's most recent Annual Report on Form 10-K and in subsequent filings made by the company with the U.S. Securities and Exchange Commission ("SEC"), which are available on the SEC's website at www.sec.gov. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Except as required by law, the company disclaims any intention or responsibility for updating or revising any forward-looking statements contained in this press release.

VIVITROL(®) is a registered trademark of Alkermes, Inc.; ARISTADA(®) and ARISTADA INITIO(®) are registered trademarks of Alkermes Pharma Ireland Limited; RISPERDAL CONSTA(®), INVEGA SUSTENNA(®), XEPLION(®), INVEGA TRINZA(® )and TREVICTA(®) are registered trademarks of Johnson & Johnson; VUMERITY(® )is a registered trademark of Biogen Inc., used by Alkermes under license; and AMPYRA(®) and FAMPYRA(®) are registered trademarks of Acorda Therapeutics, Inc. ("Acorda")

( )(tables follow)

_______________
(i) The term "ARISTADA" as used in this press release refers to ARISTADA and ARISTADA INITIO, unless the context indicates otherwise.
(ii) AMPYRA(®) (dalfampridine) Extended Release Tablets, 10 mg is developed and marketed in the U.S. by Acorda and outside the U.S. by Biogen Inc., under a licensing agreement with Acorda, as FAMPYRA(®) (prolonged-release fampridine tablets).


                                                                                                          
            
              Alkermes plc and Subsidiaries


                                                                                                    
            
              Selected Financial Information (Unaudited)




                                                                                                                                                
            
              Three Months                            
            
              Three Months
                                                                                                                                                              Ended                                                       Ended

            
              Condensed Consolidated Statements of
    Operations - GAAP


                                                                                                                                                
            
              December 31,                            
            
              December 31,



            
              (In thousands, except per share data)                                                                                                                        2019                                                         2018




            Revenues:



            Product sales, net                                                                                                                                                  $149,609                                                     $132,650



            Manufacturing and royalty revenues                                                                                                                                   107,287                                                      167,422



            License revenues                                                                                                                                                     144,750                                                          120



            Research and development revenue                                                                                                                                      11,084                                                       15,570



            Total Revenues                                                                                                                                                       412,730                                                      315,762




            Expenses:



            Cost of goods manufactured and sold                                                                                                                                   46,482                                                       49,117



            Research and development                                                                                                                                             198,157                                                      108,972



            Selling, general and administrative                                                                                                                                  154,453                                                      141,227



            Amortization of acquired intangible assets                                                                                                                            10,171                                                       16,426



            Restructuring expense                                                                                                                                                 13,401



            Total Expenses                                                                                                                                                       422,664                                                      315,742




            Operating (Loss) Income                                                                                                                                              (9,934)                                                          20




            Other Income (Expense), net:



            Interest income                                                                                                                                                        3,191                                                        3,292



            Interest expense                                                                                                                                                     (3,196)                                                     (3,478)



            Change in the fair value of contingent consideration                                                                                                                   5,000                                                      (2,300)



            Other income, net                                                                                                                                                      2,382                                                          775



            Total Other Income (Expense), net                                                                                                                                      7,377                                                      (1,711)




            Loss Before Income Taxes                                                                                                                                             (2,557)                                                     (1,691)




            Provision for income taxes                                                                                                                                             2,797                                                        8,022



            
              Net Loss - GAAP                                                                                                                                          $(5,354)                                                    $(9,713)






            
              (Loss) Earnings Per Share:



            GAAP loss per share - basic and diluted                                                                                                                              $(0.03)                                                     $(0.06)




            Non-GAAP earnings per share - basic                                                                                                                                    $0.83                                                        $0.35




            Non-GAAP earnings per share - diluted                                                                                                                                  $0.83                                                        $0.34






            
              Weighted Average Number of Ordinary
    Shares Outstanding:



            Basic and diluted - GAAP                                                                                                                                             157,662                                                      155,506




            Basic - Non-GAAP                                                                                                                                                     157,662                                                      155,506




            Diluted - Non-GAAP                                                                                                                                                   159,073                                                      159,518






            An itemized reconciliation between net loss on a GAAP
    basis and non-GAAP net income is as follows:



            
              Net Loss - GAAP                                                                                                                                          $(5,354)                                                    $(9,713)



            Adjustments:



            Share-based compensation expense                                                                                                                                      21,387                                                       29,314



            Amortization expense                                                                                                                                                  10,171                                                       16,426



            Depreciation expense                                                                                                                                                  10,340                                                        9,476



            Income tax effect related to reconciling items                                                                                                                           592                                                        1,533



            Non-cash net interest expense                                                                                                                                            168                                                          169



            Change in the fair value of warrants and equity                                                                                                                        (930)                                                       (410)
    method investments



            Change in the fair value of contingent consideration                                                                                                                 (5,000)                                                       2,300



            Acquisition of IPR&D                                                                                                                                                  86,595



            Restructuring expense                                                                                                                                                 13,401



            Fixed asset impairment                                                                                                                                                                                                             5,746



            
              Non-GAAP Net Income                                                                                                                                      $131,370                                                      $54,841













                                                                                                                                                 
            
              Year Ended                              
            
              Year Ended


            
              Condensed Consolidated Statements of
    Operations - GAAP


                                                                                                                                                
            
              December 31,                            
            
              December 31,



            
              (In thousands, except per share data)                                                                                                                        2019                                                         2018




            Revenues:



            Product sales, net                                                                                                                                                  $524,499                                                     $450,334



            Manufacturing and royalty revenues                                                                                                                                   447,882                                                      526,675



            License revenues                                                                                                                                                     145,750                                                       48,370



            Research and development revenue                                                                                                                                      52,816                                                       68,895



            Total Revenues                                                                                                                                                     1,170,947                                                    1,094,274




            Expenses:



            Cost of goods manufactured and sold                                                                                                                                  180,385                                                      176,420



            Research and development                                                                                                                                             512,833                                                      425,406



            Selling, general and administrative                                                                                                                                  599,449                                                      526,408



            Amortization of acquired intangible assets                                                                                                                            40,358                                                       65,168



            Restructuring expense                                                                                                                                                 13,401                                                            0



            Total Expenses                                                                                                                                                     1,346,426                                                    1,193,402




            Operating Loss                                                                                                                                                     (175,479)                                                    (99,128)




            Other Expense, net:



              Interest income                                                                                                                                                     13,976                                                        9,238



              Interest expense                                                                                                                                                  (13,601)                                                    (15,437)



              Change in the fair value of contingent consideration                                                                                                              (22,800)                                                    (19,600)



              Other income (expense), net                                                                                                                                            848                                                      (2,040)



            Total Other Expense, net                                                                                                                                            (21,577)                                                    (27,839)




            Loss Before Income Taxes                                                                                                                                           (197,056)                                                   (126,967)




            (Benefit) Provision for income taxes                                                                                                                                   (436)                                                      12,344



            
              Net Loss - GAAP                                                                                                                                        $(196,620)                                                  $(139,311)






            
              (Loss) Earnings Per Share:



            GAAP net loss per share - basic and diluted                                                                                                                          $(1.25)                                                     $(0.90)




            Non-GAAP earnings per share - basic                                                                                                                                    $0.71                                                        $0.63




            Non-GAAP earnings per share - diluted                                                                                                                                  $0.71                                                        $0.61






            
              Weighted Average Number of Ordinary
    Shares Outstanding:



            Basic and diluted - GAAP                                                                                                                                             157,051                                                      155,112




            Basic - Non-GAAP                                                                                                                                                     157,051                                                      155,112




            Diluted - Non-GAAP                                                                                                                                                   159,056                                                      160,363






            An itemized reconciliation between net loss on a GAAP
    basis and non-GAAP net income is as follows:



            
              Net Loss - GAAP                                                                                                                                        $(196,620)                                                  $(139,311)



            Adjustments:



            Share-based compensation expense                                                                                                                                     100,977                                                      105,357



            Amortization expense                                                                                                                                                  40,358                                                       65,168



            Depreciation expense                                                                                                                                                  40,055                                                       38,492



            Income tax effect related to reconciling items                                                                                                                         5,762                                                      (4,002)



            Non-cash net interest expense                                                                                                                                            673                                                          700



            Change in the fair value of warrants and equity                                                                                                                      (1,837)                                                         190
    method investments



            Change in the fair value of contingent consideration                                                                                                                  22,800                                                       19,600



            Acquisition of IPR&D                                                                                                                                                  86,595



            Restructuring expense                                                                                                                                                 13,401                                                        3,598



            Fixed asset impairment                                                                                                                                                                                                             5,746



            Debt refinancing charge                                                                                                                                                                                                            2,298



            
              Non-GAAP Net Income                                                                                                                                      $112,164                                                      $97,836










            
              Condensed Consolidated Balance Sheets                                                                                   
            
              December 31,                            
            
              December 31,



            
              (In thousands)                                                                                                                                               2019                                                         2018

    ---


            Cash, cash equivalents and total investments                                                                                                                        $614,370                                                     $620,039



            Receivables                                                                                                                                                          257,086                                                      292,223



            Contract assets                                                                                                                                                        8,386                                                        8,230



            Inventory                                                                                                                                                            101,803                                                       90,196



            Prepaid expenses and other current assets                                                                                                                             59,716                                                       53,308



            Property, plant and equipment, net                                                                                                                                   362,168                                                      309,987



            Intangible assets, net and goodwill                                                                                                                                  243,516                                                      283,874



            Other assets                                                                                                                                                         158,358                                                      167,150



            
              Total Assets                                                                                                                                           $1,805,403                                                   $1,825,007




            Long-term debt - current portion                                                                                                                                      $2,843                                                       $2,843



            Other current liabilities                                                                                                                                            388,269                                                      336,931



            Long-term debt                                                                                                                                                       274,295                                                      276,465



            Contract liabilities - long-term                                                                                                                                      22,068                                                        9,525



            Other long-term liabilities                                                                                                                                           32,486                                                       27,958



            Total shareholders' equity                                                                                                                                         1,085,442                                                    1,171,285



            
              Total Liabilities and Shareholders' Equity                                                                                                             $1,805,403                                                   $1,825,007






            Ordinary shares outstanding (in thousands)                                                                                                                           157,779                                                      155,757





            This selected financial information should be read in conjunction with the consolidated financial
    statements and notes thereto included in Alkermes plc's Annual Report on Form 10-K for the year
    ended December 31, 2019, which the company intends to file in February 2020.






                                                                                                                                                                                     
          
           Alkermes plc and Subsidiaries


                                                                                                                                                                               
            
         Revenues for Calendar Year 2019 and 2018




                                                                                                                                                      
            Three Months                                       
            Three Months                 
          Three Months            
       Three Months              
        
         Year


                                                                                                                                                         
            Ended                                              
            Ended                       
            Ended                 
         Ended                
        
         Ended


                                                                                                                                                       
            March 31,                                           
            June 30,                   
          September 30,           
       December 31,           
        
        December 31,



            
              (In thousands)                                                                                                                                               2019                                                         2019                            2019                       2019                            2019




            Revenues:



            PARTNERED LONG-ACTING ANTIPSYCHOTICS (1)                                                                                                                             $75,605                                                      $91,863                         $76,716                    $79,147                        $323,331



            VIVITROL                                                                                                                                                              69,183                                                       88,199                          85,164                     92,818                         335,364



            ARISTADA                                                                                                                                                              30,298                                                       48,436                          53,610                     56,791                         189,135

    ---


            
              Key Commercial Product Revenues                                                                                                                           175,086                                                      228,498                         215,490                    228,756                         847,830





            Legacy Product Revenues                                                                                                                                               33,310                                                       36,034                          27,067                     28,140                         124,551



            License Revenue(2)                                                                                                                                                                                                                 1,000                                                   144,750                         145,750



            Research and Development Revenues                                                                                                                                     14,706                                                       14,340                          12,686                     11,084                          52,816

    ---


            
              Total Revenues                                                                                                                                           $223,102                                                     $279,872                        $255,243                   $412,730                      $1,170,947

    ===







                                                                                                                                                      
            Three Months                                       
            Three Months                 
          Three Months            
       Three Months              
        
         Year


                                                                                                                                                         
            Ended                                              
            Ended                       
            Ended                 
         Ended                
        
         Ended


                                                                                                                                                       
            March 31,                                           
            June 30,                   
          September 30,           
       December 31,           
        
        December 31,



            
              (In thousands)                                                                                                                                               2018                                                         2018                            2018                       2018                            2018




            Revenues:



            PARTNERED LONG-ACTING ANTIPSYCHOTICS (1)                                                                                                                             $68,790                                                      $85,181                         $77,202                    $81,372                        $312,545



            VIVITROL                                                                                                                                                              62,682                                                       76,203                          79,893                     83,831                         302,609



            ARISTADA                                                                                                                                                              29,160                                                       33,604                          36,142                     48,819                         147,725

    ---


            
              Key Commercial Product Revenues                                                                                                                           160,632                                                      194,988                         193,237                    214,022                         762,879





            Legacy Product Revenues                                                                                                                                               45,811                                                       43,060                          39,209                     86,050                         214,130



            License Revenue(3)                                                                                                                                                                                                                48,250                                                       120                          48,370



            Research and Development Revenues                                                                                                                                     18,707                                                       18,344                          16,274                     15,570                          68,895

    ---


            
              Total Revenues                                                                                                                                           $225,150                                                     $304,642                        $248,720                   $315,762                      $1,094,274

    ===






            (1) - Includes RISPERDAL CONSTA, INVEGA SUSTENNA/XEPLION and INVEGA TRINZA/TREVICTA.



            (2) - Includes a milestone payment received in the fourth quarter of 2019 which was allocated to the license sold to Biogen in connection with the VUMERITY collaboration.



            (3) - Includes a milestone payment received in the second quarter of 2018 which was allocated to the license sold to Biogen in connection with the VUMERITY collaboration.






                                                                                                                                  
            
              Alkermes plc and Subsidiaries


                                                                                                                           
            
              2020 Guidance - GAAP to Non-GAAP Adjustments





            An itemized reconciliation between projected loss per share on a GAAP basis and projected earnings
    per share on a non-GAAP basis is as follows:





            
              (In millions, except per share data)                                                                                             
            Amount                                             
            Shares                   
          (Loss) Earnings
                                                                                                                                                                                                                                                            Per Share

    ---


            Projected Net Loss - GAAP                                                                                                                                           $(145.0)                                                         159                         $(0.91)



               Adjustments:



            Share-based compensation expense                                                                                                                                       110.0



            Amortization expense                                                                                                                                                    40.0



            Depreciation expense                                                                                                                                                    44.0



            Non-cash net interest expense                                                                                                                                            1.0



            Income tax effect related to reconciling items                                                                                                                           5.0



            Projected Net Income - Non-GAAP                                                                                                                                        $55.0                                                          161                           $0.34





            Projected GAAP and non-GAAP measures reflect mid-points within ranges of estimated guidance.

Alkermes Contacts:
For Investors: Sandy Coombs +1 781 609 6377
For Media: Eva Stroynowski +1 781 609 6823

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SOURCE Alkermes plc